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What is a Salvage Title?
Was your vehicle issued a salvage title after a bad accident? When a vehicle sustains a serious amount of damage and the cost of repairs is greater than its current market value, an insurance company will typically write the vehicle off as a total loss, resulting in a salvage title for the car or truck in question. Vehicles with salvage titles are typically harder to sell or insure, but some salvage cars can still qualify as collateral for car title loans! Salvage title loans are secured loans with less strict credit requirements than unsecured loans.1
If your vehicle has a salvage title, it may have extensive damage to the body or engine due to a major accident, flood, or fire. While it is possible to repair your car or truck and get your vehicle back on the road, this does not mean its title will no longer be branded after the repairs are complete. A rebuilt title will be issued by the Department of Motor Vehicles (or state equivalent) after your salvage car has been repaired and inspected to meet the applicable standards. Cars with salvage or rebuilt titles tend to have less value than vehicles with clean titles.
If you need emergency cash, getting a title loan on a salvage car may be an option! Complete a prequalification form online or call 855-422-7402 to learn more about salvage car title loans.1
How Do Salvage Title Loans Work?
Salvage title loans can be a convenient way to access cash by pledging your salvage car’s title as collateral for the loan. If you are eligible for a ChoiceCash title loan, you can receive your money in as little as 24 hours!1
A title lender will add a lien to your salvage car’s title after you sign your loan agreement and the loan is funded. A lien gives the title lender a legal claim to your vehicle throughout the duration of the loan. In most cases, you will be able to maintain access to your vehicle while paying off your salvage title loan, but it’s important to stay on top of your payments.
If you want more information on salvage title loans or you are ready to begin your loan application, dial 855-422-7402 today! ChoiceCash title loan agents are available to take your call for extended hours throughout the week.1
How Much Can You Get through a Salvage Car Title Loan?
Keep in mind that your title loan amount is primarily based on your income and the value of your qualifying car, truck, or SUV. However, cars with salvage titles tend to be less valuable than cars with clean titles. While it is possible to get a title loan on a salvage car, you may not receive as much money as you would if you were applying for a title loan with a clean title. Generally, you will be able to get 25%-50% of your car’s value if you are eligible for a title loan on a salvage car.1
To learn more about the amount of funds you can access through a salvage car title loan, call the toll-free number to speak with a ChoiceCash title loan officer! If you prefer to get started online, simply fill out ChoiceCash’s title loan calculator to get an instant loan quote today.1
How to Qualify for Salvage Title Loans Near Me
In order to qualify for a salvage title loan, you’ll need to meet the initial criteria for emergency funding. The requirements for a salvage title loan may differ from lender to lender, but generally, you must:1
- Be of Legal Age
- Have a Title to a Qualifying Car, SUV, or Truck in Your Name
- Be Able to Prove Your Ability to Pay Back the Salvage Title Loan
On top of meeting the lender’s application criteria, providing several documents to verify your information is an important part of your loan request. Your documents will be reviewed by a loan officer during the second step of your application, and you can typically expect to need a valid, government-issued photo ID, proof of income and residence, a car title in your name, and several pictures of your salvage car.
You can often apply for a salvage title loan in person, but the best place to get a title loan can be online because it is often so much more convenient and quick to apply online or over the phone! If you’re ready to submit a loan request, complete an online form with ChoiceCash title loans or speak with a loan officer today and dial the toll-free number.1
Advantages of Salvage Title Loans Online
If you use your salvage title as collateral for a ChoiceCash title loan, you can access up to $15,000 in as little as 24 hours! But did you know that ChoiceCash salvage title loans come with more than just fast access to funding? Check out some of the advantages of qualifying for a ChoiceCash title loan serviced by LoanMart:1
Simple, Three-Step Application
Applying for a ChoiceCash title loan on a salvage car can be as simple and streamlined as possible for your convenience! Expect a three-step application process that you can easily complete from the comfort of your home.1
Bad Credit is OK
Your credit score is a factor that a title lender will consider during your application, but having bad credit may not hold you back when applying for a salvage title loan.
Exceptional Customer Service
When you call the toll-free number, you can expect a helpful ChoiceCash loan officer to be on the other line and answer any questions you may have about applying for salvage title loans.
Transparency and Other Perks
From the very start of your ChoiceCash title loan application to the time you make your final loan payment, you can expect transparency. There are no hidden fees or prepayment penalties! On top of this, you can receive competitive interest rates and have up to 36 months to pay back your salvage title loan.1
Where Can I Apply for Salvage Title Loans Near Me?
Ready to apply for fast financial help through salvage car title loans? Find out if you can use your salvage car’s title to unlock emergency cash today! As mentioned above, you can submit a convenient title loan application from the comfort of your home. Take a closer look at the application process for a ChoiceCash salvage title loan serviced by LoanMart:1
Choose How to Apply
Start your application by completing a short questionnaire online or call a loan officer today! Both options can be convenient and streamlined. If you begin online, you can instantly find out if you are prequalified for funding!1
Submit Your Paperwork
If you are prequalified for a salvage title loan, you can submit the necessary paperwork online through the customer portal or send everything to a loan officer through email or text message.1
Get Your Money
If you are fully approved for a ChoiceCash title loan on a salvage car, the last step is to choose how to get your money and sign your loan agreement!1
Don’t wait to find out if you are eligible for a salvage car title loan! Use a salvage car title loan to unlock funding and deal with overdue bills when your bank account is negative. Fill out a simple prequalification form online today or call 855-422-7402 today and get your funds in as little as one business day if you qualify.1
Frequently Asked Questions
What are Salvage Title Loans?
Salvage title loans work by allowing you to pledge your salvage vehicle as collateral in order to secure he loan. A title lender will add a lien to your vehicle’s title after the loan is funded, which will give them a legal claim to your vehicle throughout the duration of the loan.
Can You Get a Title Loan on a Salvage Title?
In order to qualify for a salvage title loan, you will need to meet the initial criteria for the loan and submit the necessary paperwork to verify your information.1
What are Rebuilt Title Loans?
A rebuilt title loan is similar to a salvage title loan, and you can use your car’s title as collateral for the loan in order to obtain emergency funding.1 3 If you have a reconstructed car and a rebuilt title in your name, you can apply for ChoiceCash title loans online today.1
What Happens to a Title Loan When a Car is Totaled?
Accidents can happen unexpectedly, and if you drive a car regularly, then you should be prepared for them. It is important to understand that if you take out a title loan and your vehicle is totaled, you will still be responsible for paying off the remaining balance of your title loan.
Where Can I Find Salvage Title Loans Near Me?
With ChoiceCash title loans serviced by LoanMart, you can apply for salvage title loans online or over the phone today!1 Just use your smartphone or computer to fill out an online prequalification form. Additionally, you can call a ChoiceCash title loan agent at 855-422-7402 and apply over the phone.
